2024-11-05 14:47

NEW DELHI, Nov 5 (Reuters) - India's statistics ministry said on Tuesday it had decided to bring forward the release time of retail inflation data, the key metric used to decide monetary policy, by 90 minutes to 1600 India Standard Time from 1730 IST on the 12th of every month. The ministry has also decided to bring forward the release time of infrastructure output data by 90 minutes to 1600 IST on the 12th of every month, it added. Sign up here. https://www.reuters.com/world/india/india-advances-release-time-retail-inflation-infrastructure-output-data-by-90-2024-11-05/

2024-11-05 13:10

LONDON, Nov 5 (Reuters) - The global monetary easing cycle ground along in October, with central banks across developed and emerging economies lowering interest rates ahead of the year's biggest geopolitical event, the U.S. election. Three of the four central banks overseeing the 10 most heavily traded currencies that held meetings in October lowered benchmarks. Central banks in New Zealand and Canada each shaved 50 basis points off their interest rates while the European Central Bank delivered a 25 bps cut. Japan left rates unchanged while the U.S. Federal Reserve as well as central banks in Australia, Switzerland, Norway and the UK did not hold rate-setting meetings. Attention has now moved on to how deep and how long the rate-cutting cycle across developed markets will be. The U.S. election results could play a key role in shaping U.S. and global monetary policy going forward, with the Fed widely expected to cut rates by 25 bps on Thursday. Democrat contender Kamala Harris is seen as broadly maintaining the status quo in terms of growth and inflation in the world's largest economy. Republican candidate Donald Trump had pledged to ramp up trade tariffs, likely sparking a tit-for-tat trade war, which would probably be inflationary and limit rate-cutting potential. Across emerging markets, 13 of the Reuters sample of 18 central banks in developing economies held rate-setting meetings in October. Six of them delivered cuts, with China , opens new tab, South Korea, Thailand, the Philippines and Chile , opens new tab trimming benchmarks by 25 bps each and Colombia lowering by 50 bps. Russia was the sole emerging market central bank to hike, upping rates by 200 bps, while the remaining six kept rates unchanged. Emerging market central banks had frontrun their developed market peers in the latest rate-cutting cycle. Recent easing by developing nations' policymakers had bolstered emerging market bonds this year, analysts said. "We think those rate cuts may soon be paused," Jean Boivin, head of the BlackRock Investment Institute said in a note to clients. The latest moves in emerging markets took the tally of cuts since the start of the year to 1,710 bps across 42 moves - outstripping last year's total of 945 bps of easing. Total hikes so far in 2024 stood at 1,300 bps. Sign up here. https://www.reuters.com/markets/global-central-bank-easing-cycle-grinds-along-october-2024-11-05/

2024-11-05 12:52

Nov 5 (Reuters) - Oil refiner Marathon Petroleum (MPC.N) , opens new tab reported its third-quarter earnings on Tuesday, beating Wall Street estimates on better-than-expected throughput and utilization rates even as global refining margins decline. The Findlay, Ohio-based company announced an additional $5 billion share repurchase program, and now has $8.5 billion available under its share buyback authorization. Marathon's shares rose nearly 4% to $150.29 at mid-afternoon. "Refining margins were volatile in the third quarter as the market digested the implications of a light turnaround season, less seasonal supply interruptions than anticipated, and the uncertainties around global economic growth, particularly the pace within China," Chief Executive Maryann Mannen told analysts on a call on Tuesday. But the refiner is well positioned to perform in this dynamic market environment, she said. Global oil refiners reported lower profitability, a downturn for an industry that had thrived after the pandemic ended. The refiner's crude capacity utilization in the third quarter was about 94%, above the 90% it forecast in August. For the fourth quarter, Marathon plans to operate refineries at 90% of combined capacity of 2.95 million bpd. Total throughput, or the amount of crude processed through refineries, of 3 million barrels per day (bpd) was also above the company's prior expectation of 2.84 million bpd. Marathon earned $1.87 per share in the third quarter, compared with the average analyst estimate of 98 cents, data compiled by LSEG showed. The company performed better than forecast on distribution costs, refinery turnarounds, and throughputs, which totaled about a $202 million tailwind versus the brokerage's modeling, Tudor, Pickering, Holt & Co analyst Matthew Blair said. Adjusted core earnings at Marathon's midstream unit rose 5.8% to $1.6 billion in the third quarter, primarily driven by higher rates and volumes transported. Marathon said its third-quarter refining and marketing margin was $14.35 per barrel, compared with $26.16 per barrel a year earlier. Net income attributable to the company in the third quarter dropped 82% to $622 million, from last year. Rivals Valero Energy (VLO.N) , opens new tab and Phillips 66 (PSX.N) , opens new tab also reported lower third-quarter profits, despite beating analysts' estimates. Sign up here. https://www.reuters.com/business/energy/marathon-petroleums-quarterly-profit-drops-weak-refining-margins-2024-11-05/

2024-11-05 12:49

Nov 5 (Reuters) - Targa Resources (TRGP.N) , opens new tab surpassed Wall Street's estimates for third-quarter core profit on Tuesday, benefiting from increased volumes of natural gas and natural gas liquids transported through its pipelines. U.S. pipeline operators are seeing robust demand for their infrastructure as oil and gas production continues to climb in the Permian Basin, which accounts for half of the country's crude oil output. Targa's total quarterly natural gas sales volumes were up 3% to 2.84 billion British thermal units per day (BBtu/d) from the previous year, while total natural gas inlets for processing rose 18% in the Permian Basin. Natural gas liquid (NGL) pipeline transportation volumes were up about 26% to 829,200 barrels per day in the quarter ended Sept. 30. NGLs are hydrocarbon liquids such as ethane, propane and butane, which are used as fuels for heating, refrigeration and gasoline blending, among others. The company expects full-year adjusted core profit above the higher end of its previously forecast range of $3.95 billion to $4.05 billion. Houston, Texas-based Targa also said it would build two natural gas processing plants in the Permian Basin, which straddles New Mexico and Texas, in response to the increase in production. On an adjusted basis, its core profit was $1.07 billion in the reported quarter, compared to analysts' estimate of $1.01 billion, according to data compiled by LSEG. The company's quarterly net income attributable to common shareholders rose 76% to $387.4 million, compared to last year. Sign up here. https://www.reuters.com/business/energy/targa-resources-beats-quarterly-core-profit-estimates-gas-volumes-boost-2024-11-05/

2024-11-05 12:37

DUESSELDORF, Nov 5 (Reuters) - Shares in German steel group Salzgitter (SZGG.DE) , opens new tab surged 35% on Tuesday after the company said that second-biggest shareholder GP Guenter Papenburg and a partner were considering a takeover offer. Based on after-hours trading following Salzgitter's announcement late on Monday, Germany's second-largest steel group behind Thyssenkrupp (TKAG.DE) , opens new tab could achieve a market value of about 900 million euros ($980.6 million). The state government of Lower Saxony, where Salzgitter is based, said on Tuesday that it will examine the possible takeover of the steel group by GP Guenter Papenburg and TSR Recycling. GP Guenter Papenburg already holds 25.1% in Salzgitter, slightly less than the 26.5% owned by Lower Saxony. Salzgitter had said on Monday that a deal would be done if the suitors reached a shareholding of at least 45% plus one share but did not disclose the potential offer price. Shares in the company opened with a 25% gain on Tuesday, which had climbed to 35% by 1131 GMT and on track for their best one-day performance. "We expect near term upside to the share price. M&A and potential consolidation in the European steel sector is likely to provide near-term support for European steel equities," JP Morgan analysts said. The finance ministry in Lower Saxony said it would examine the intended takeover and its consequences thoroughly, with particular focus on the interests of employees, which number about 25,000. "A substantive position will only be possible after the examination has been completed," the ministry added. The potential takeover comes against a backdrop of a steel sector struggling to contend with high energy prices, weak demand from customers - especially in the automotive and mechanical engineering industries - and foreign competition. Last month Salzgitter cut its full-year forecast and reported a drop in earnings for the first nine months of 2024. ($1 = 0.9178 euros) Sign up here. https://www.reuters.com/markets/deals/shares-salzgitter-surge-35-possible-takeover-offer-2024-11-05/

2024-11-05 12:29

MILAN, Nov 5 (Reuters) - The chief executive of Snam (SRG.MI) , opens new tab welcomed on Tuesday the European Commission's green light for a deal for Italy's biggest liquefied natural gas (LNG) terminal, Adriatic LNG. Earlier this year energy storage group VTTI agreed to buy a 70% stake in Adriatic LNG, with grid operator Snam increasing its stake to 30% as ExxonMobil (XOM.N) , opens new tab and QatarEnergy sold the infrastructure. The LNG terminal is about nine miles (15 km) off the Veneto coastline and has a regasification capacity of 9 billion cubic metres (bcm) of gas per year. It is considered key infrastructure for Italy's energy security after the import of LNG increased significantly to replace the gas that used to flow via pipeline from Russia before Moscow's invasion of Ukraine. The Commission said on Tuesday it had approved the acquisition of joint control by Snam and VTTI, saying the deal would not raise competition concerns. Snam CEO Stefano Venier said in a statement that the closing of the transaction was expected at the beginning of December. Sign up here. https://www.reuters.com/business/energy/snam-ceo-welcomes-eu-clearance-deal-over-italys-biggest-lng-terminal-2024-11-05/